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Derivative Financial Instruments (Tables)
6 Months Ended
Jun. 30, 2024
Derivative Financial Instruments [Abstract]  
Schedule of Notional Amount and Fair Value of the Company’s Interest Rate Swaps The table below presents the notional amount and fair value of the Company’s interest rate swaps, IRLCs and forward contracts utilized as of June 30, 2024, and December 31, 2023.
   June 30, 2024   December 31, 2023 
($ in thousands)  Notional   Fair   Notional   Fair 
   Amount   Value   Amount   Value 
Asset Derivatives                
Derivatives not designated as hedging instruments                
Interest rate swaps associated with loans  $66,283   $4,537   $68,381   $3,638 
IRLCs   15,182    15    7,466    45 
Forward contracts   22,500    40    
-
    
-
 
Total contracts  $103,965   $4,592   $75,847   $3,683 
                     
Liability Derivatives                    
Derivatives not designated as hedging instruments                    
Interest rate swaps associated with loans  $66,283   $(4,537)  $68,381   $(3,638)
Forward contracts   
-
    
-
    10,750    (37)
Total contracts  $66,283   $(4,537)  $79,131   $(3,675)
Schedule of Consolidated Statements of Income for Non-Hedging Derivative Financial Instruments The following table presents the amounts included in the consolidated statements of income for non-hedging derivative financial instruments for the three and six months ended June 30, 2024, and 2023.
      Three Months Ended
June 30,
   Six Months Ended
June 30,
 
($ in thousands)  Statement of income classification  2024   2023   2024   2023 
Interest rate swap contracts  Other income  $
-
   $
-
   $
-
   $6 
IRLCs  Gain on sale of mortgage loans & OMSR   (39)   (55)   (30)   10 
Forward contracts  Gain on sale of mortgage loans & OMSR   69    160    77    22 
Schedule of Offsetting of Financial Assets and Derivative Assets The following table shows the offsetting of financial assets and derivative assets at June 30, 2024, and December 31, 2023.
($ in thousands)  Gross amounts
of
   Gross amounts
offset in the
   Net amounts of
assets
presented in
   Gross amounts not offset in the
consolidated balance sheet
     
   recognized
assets
   consolidated
balance sheet
   the consolidated
balance sheet
   Financial
instruments
   Cash collateral
received
   Net amount 
June 30, 2024                        
Interest rate swaps  $4,629   $92   $4,537   $
       -
   $4,190   $347 
                               
December 31, 2023                              
Interest rate swaps  $3,957   $319   $3,638   $
-
   $2,900   $738 

 

Schedule of Offsetting of Financial Liabilities and Derivative Liabilities The following table shows the offsetting of financial liabilities and derivative liabilities at June 30, 2024, and December 31, 2023.
   Gross
amounts
of
   Gross amounts
offset in the
   Net amounts
of liabilities
presented in
   Gross amounts not offset in the consolidated balance sheet     
($ in thousands)  recognized
liabilities
   consolidated
balance sheet
   the consolidated
balance sheet
   Financial
instruments
   Cash collateral
pledged
   Net amount 
June 30, 2024                        
Interest rate swaps  $4,629   $92   $4,537   $
-
   $
-
   $4,537 
                                                      
December 31, 2023                              
Interest rate swaps  $3,957   $319   $3,638   $
-
   $
-
   $3,638